PropVest (Pty) Ltd (PropVest) owns a large industrial property that it rents out to various small manufacturers. As part of its CSR drive (corporate social responsibility), PropVest encourages these small businesses' growth and development by charging rent using a basic amount and then a percentage of their monthly turnover. To satisfy itself that the manufacturers are paying the correct amount of rent, PropVest has engaged with Matiwane and Co, a firm of registered auditors, to perform an audit on the manufacturers' financial information (e.g. the monthly turnover figures) that they provide in terms of their rental agreement in support of their monthly rental payments. REQUIRED: 1.1 Discuss in detail why this is an example of an assurance engagement. Your response should specifically address the five elements of an assurance engagement. (12 marks) 1.2 Identify the three parties and their respective roles in this assurance engagement. (6 marks) 1.3 Describe the subject matter of the audit in the scenario above. (2 marks) 1.4 Provide three reasons why PropVest (Pty) Ltd would need auditors. (6 marks) 1.5 Examine whether the audit of the manufacturers' turnover figures will provide fool proof evidence to PropVest (Pty) Ltd that the figures are correct. (5 marks) 64 Part B Different people related to the finance function perform different procedures. Below is a table that has been drawn up incorrectly. REQUIRED: Correct the table to match each procedure in the second column to the person in the first column most likely to carry it out in an organisation